Nigerian Banks Post N400billon Half-year Pre-tax Profit despite Economic Headwinds
Nigerian banks and holding company (Holdco) financial institutions listed on raked-in a total of N403billion as pre-tax profit in the first-half (H1) of 2015.
This represents about 17 per cent or N58.5billion rise when compared to a total of N344.46billion pre-tax profit recorded in half-year 2014 by the listed banks and their Holdcos.
According to analysts, despite economic headwinds and regulatory alterations that impacted the financial industry, most banks remained on a stable growth trajectory as they implemented initiatives to grow their core banking segments.
Access Bank plc posted N39.113billion in H1’15, an increase from N27.118billion in the corresponding period of 2014. The bank’s gross earnings rose to N168.64billion as against N117.932billion in H1’14.
Sterling Bank plc reported N6.055billion in pre-tax profit as against N5.970billion in first half of 2014. The bank’s gross earning in H1’15 was N55.042billion as against N49.38billion in H1’14.
Zenith Bank plc pre-tax profit rose to N72.201billion in H1’15 from N57.859billion in H1’14. The bank grossed N229.082billion in H1’15 earnings from N184.435billion in H1’14.
Further details show that Union Bank pre-tax profit rose from N6.468billion in H1’14 to N6.614billion in H1’15. The bank reported N55.95billion gross earnings, as against N52.883billion in H1’14.
Guaranty Trust Bank plc pre-tax profit in H1’15 increased to N63.11billion from a low of N53.396billion in H1’14. Diamond Bank plc pre-tax profit for the half-year review declined to N14.193billion from N16.072billion in H1’2014. United Bank for Africa plc recorded N39.046billion in profit before income tax for H1’15 period, an increase from N28.893billion in H1’14.
Also, Ecobank Transnational Incorporated plc grew its half-year profit before tax (PBT) to naira equivalent of N61.414billion from N41.664billion in H1’14.
Unity Bank plc H1’2015 PBT rose to N8.774billion from N7.898billion in H1’2014; while Fidelity Bank plc reported N9.664billion H1’15 PBT from a relatively lower level of N9.432billion in H1’14.
In addition, Skye Bank plc grew its half-year pre-tax profit to N10.712billion from N7.266billion in H1’14; while that of Wema Bank plc dropped to N1.173billion from N3.093billion in H1’14.
FBN Holdings plc grew its H1’15 pre-tax profit to N52.086billion from N48.252billion in H1’14. FCMB Group plc recorded N9.565billion in pre-tax profit for the review half-year to June 30 2015 as against N11.140billion in H1’14. Stanbic IBTC Holdings plc reported N9.537billion in half year profit before income tax as against N19.946billion in H1’14.